When should I consider a private student loan?

It’s a good idea for you and your family to explore a wide variety of financing resources, beginning with personal savings, gift aid in the form of scholarships and grants, and federal and state student loans. After looking into your available resources, you may decide it makes sense to consider a private student loan to help close the remaining funding gap.

As with all loans, it’s wise to only borrow what you need and what you can afford to pay back later, so we encourage you to consider things like the anticipated monthly payments on your total student loan debt and expected future earnings when considering a private student loan.

Do I need to have a Commerce checking account to apply for a student loan?

No, you don’t need to have a Commerce checking account or any other Commerce product to apply.

I’m an international student. Am I eligible for a student loan?

Yes, you can apply for a Commerce student loan with a creditworthy cosigner who is a U.S. citizen or permanent resident.

How do I make my payment?

Payments for Your Future Education Loan® and Their Future Education Loan® are made directly to our servicer, Sallie Mae. Like most bills, you can go the old-school route of sending a check, or you can conveniently pay online, by phone or through the Sallie Mae mobile app.

By mobile app – Download the Sallie Mae app from the App Store or Google Play

What is Cost of Attendance?

Simply put, it’s the total amount it will cost you to go to a college/university each year. Cost of Attendance includes the tuition and fees, on-campus room and board (or housing and food allowance for off-campus students) and books, supplies, transportation, etc. The financial aid office at your school determines these expenses.

What are certified student loans?

Certified loans involve an arrangement between Commerce Bank and your selected school to ensure that the money borrowed is used only for your education. Once Your Future Education Loan has been approved and you have accepted and signed the terms, the loan is sent to your school for certification. The school’s financial aid office will confirm your enrollment status, anticipated graduation date, your grades, and your requested loan amount. The loan funds should not exceed your school’s calculated cost of attendance minus any other aid or loan that you are receiving for that semester.

The school can certify the loan amount that you request, not certify the loan at all, or certify a lower loan amount, but it can’t increase the loan amount. The school will also set the date that it wants to receive the money. The certification process typically takes 7 to 10 business days. Once complete, the funds are sent directly to the school.

What are uncertified student loans?

Unlike certified loans, the school does not need to approve your loan amount and the funds are sent directly to you. Of course that means you will have to do a little more work with this option to make sure your school gets paid on time. If you are thinking about an uncertified student loan to cover your student expenses, we recommend that you first exhaust all other options. Consider your savings, a part-time job, or help from your family before exploring an uncertified student loan.

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Disclosures

Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: First to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
Your Future Education Loans, Commerce Bank graduate loans, and Their Future Education Loans are funded by Commerce Bank.
Your Future Education Loans and Their Future Education Loans are a service mark or registered service mark of Sallie Mae Bank.

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